Defending Your Receivable is Our Mission
The Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters was signed between China and HKSAR in January 2019. This arrangement helps to skip the process of re-litigation and speed up account receivables collection in China by Hong Kong corporates.
By leveraging UK statutory demand, iQor RMS has successfully recover outstanding debt on behalf of the client, a China-Hong Kong Jewelry supplier, from a UK buyer.
iQor RMS (HK) consultant Mr. Norris Chan was invited to hold a seminar for the 14th China Competitive Intelligence International Annual Conference in Shanghai on April 18th, 2019. The theme was “Competitive Intelligence, Big Data Analytics, Future Insights for Leaders”. Participants were from all around the world, including Fortune 500 representatives such as HPE and IBM. Participants highly appreciated the speech and the seminar helped guiding their corporate strategies in the future.
iQor RMS was invited to hold a seminar "How to ensure the safe operation of funds and reduce the risk of bad debts in the fast changing epoch" at Canton Trade Fair on May 2nd, 2019. Facing global uncertainties and economic anxiety, enterprises must maintain a stable cash flow to ensure the companies’ operations and development. Participants have shown great enthusiasm and interest in this topic.
The US-China trade war has intensified while the US announced to raise tariffs from 10% to 25% on US$200 billion of Chinese goods. The ripple effects severely hit on exporters, industrial supply chain, and also logistics companies. iQor RMS has dealt with a case involving a Chinese apparel manufacturer affected by the trade conflict recently.
The development of mutual legal assistance between HK and China helps to build a more sophisticated mechanism. The Agreement signed on January 18th 2019 has positive impacts on HK traders and foreign investors because Hong Kong judgment could be enforced in China, and vice versa. The Consultant of iQor Receivable Management Services (HK) Ltd (RMS) Mr. Norris Chan and the Partner of Beijing Yingke Law Firm Ms. Su Ping were cordially invited by Hong Kong General Chamber of Commerce (HKGCC) to hold a seminar on June 20 to analyze how to enforce Hong Kong Judgment in China to mitigate risks of doing business in the Mainland.
We will continue to study 2018 iQor RMS Collectability Index in this blog. Our debt collecting data shows an increasing polarization of overall debt collection performance in 2018. Debt collection successful rate declined in Europe and the US but accelerated in parts of Asia Pacific such as Philippines and Vietnam. This trend became apparent in the second half of 2018 as the US-China conflict prolonged. We expect 2019 will be a tough and challenging year for debt collection.
The unpredictability and uncertainty of the US-China trading battle have triggered anxieties and fear on exporters trading between China and the US. Some said the tariffs paid to the US government should be importers of the US, not the manufacturers.
The global economy was vulnerable and filled with crises in 2018. Economic uncertainties and the return of protectionism have piled great pressure on the world’s economy.
The US-China trade war has an enormous impact not only on manufacturers, but also severely crash on Hong Kong and China logistics companies. Cases and debts from logistics companies received by RMS have more than doubled in the last two months.
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